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Something of an endangered species was spotted in London yesterday: a new company on the Main Market.

ICG-Longbow Senior Secured Property Debt Investments — SSUP for short — raised £107 million by selling shares at 100p through Investec, its broker. Making a steady rather than sensational debut, they were marked 2p higher. The fund aims to tap a growing appetite to invest in property lending.

Since the 2008 crash, many banks — notably in the Republic of Ireland and Scotland — have slashed lending to real estate. A £44 billion senior debt shortfall now looms.